Generative Value

Thoughts on the Hyperscalers (Q3 '25 Update)

A shifting value chain (OpenAI and Anthropic gaining importance) and what it means for the cloud providers; also market share, CapEx, and revenue growth…

Nov 6 • 

Eric Flaningam

48

4

7

August 2025

Open Source Business Models: Notes on Profiting from Free Software

How open source companies have historically captured value, commoditizing your complement, and value creation vs value capture.

Aug 26 • 

Eric Flaningam

44

2

10

Free Software & The Future of Software Business Models

How do you build sustainable business models in the age of AI-generated code?

Aug 10 • 

Eric Flaningam

79

7

17

Q2 ‘25 Cloud Update: CapEx Keeps Rising!

Market Share, CapEx, Why Azure's Taking Share, and Why AI Isn't Shaping up like SaaS

Aug 4 • 

Eric Flaningam

53

11

9

July 2025

The AI & Healthcare Opportunity

Part Two of How AI Can Help Improve the US Healthcare System

Jul 20 • 

Eric Flaningam

75

9

11

Where do Tech Returns Come From?

An Analysis of 30 Years of Tech Returns, Value Accretion, Lessons, and What it Means Moving Forward

Jul 8 • 

Eric Flaningam

141

13

36

June 2025

Meta's AI Strategy

Zuck’s Vision and Why Meta’s Spending so Much on Talent

Jun 24 • 

Eric Flaningam

60

4

6

Toast: A Recipe for Building a System of Record

A Deep Dive on the Vertical Software Company & Lessons on Building AI Companies Today

Jun 16 • 

Eric Flaningam

46

7

8

A Primer on US Healthcare

Value Chain, History, Incentives (why is everything so expensive?), and AI's Case for Market Expansion

Jun 2 • 

Eric Flaningam

118

10

24

May 2025

TSMC: The Index on Technology

A deep dive on TSMC: How TSMC disrupted the semiconductor industry, its current state, and its path ahead.

May 19 • 

Eric Flaningam

65

4

15

The Siren Song of Advertising

How will ads affect AI business models?

May 11 • 

Eric Flaningam

41

1

6

Q1 '25 Cloud Update: Risk-Adjusted AI

A Quarterly Cloud Update on Amazon, Microsoft, Google, and Meta

May 4 • 

Eric Flaningam

51

1

8